China-inspired commercial hub set to launch in February 18

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In March this year, a group of about 40 realtors from the city took a three-day trip to China to get a firsthand experience of ‘Yiwu market,’ touted as the world’s largest wholesale market of small commodities offering a wholesale trading area, office complex, plush residential towers, hospital, malls and much more.

An artist’s impression

Chennai:

This visit was to lend shape to the ‘Market of India,’ a dream project of the Chennai-based SPR Group, a Hitesh Kawad enterprise.

Updating DT Next on the mega project coming up in north Chennai on the 70-acre area of the erstwhile Binny Mills, Navin Ranka, Director, SPR, says, “We have engaged the Bentel Group from South Africa, which has a team in Mumbai, to design the project.”

The integrated development includes a residential project on 20 acres and a mall on 10 acres. Negotiating twists and turns, commuting through narrow by-lanes and addressing safety concerns are passé. With futuristic plans to transform the marketplace, the venture is aimed at taking the notion of wholesale purchases to a new high.

While an Israeli consultant has been roped in to provide end-to-end security infrastructure solutions, global consultants are involved in master planning, among other things, notes Ranka, who highlights the need to provide an organised space for wholesale activity.

“We have received expression of intent (EoI) from 1,500 parties in diverse trades such as electrical, electronics, computers, jewellery, plastics and toys,” he says. He adds that this project would boost business or wholesale tourism, like in China, which shunned the concept of open markets. Unlike e-commerce, which may not do justice to bulk and regular purchases, establishing a line of relationship is important in wholesale business, observes Ranka, who goes on to add that a majority of the visiting realtors belonged to the age group of 30s-40s.

Sanjay Chugh, Founder, Skyline Property Consultants, who was part of the entourage, says this is a composite development project that will boost the organised wholesale trade scene in Chennai. A few realtors from Mumbai and Pune were also part of the tour, he adds. The Market of India, which is set for a formal launch in February next year, is a long-term vision to transform the wholesale landscape of the city.

Believing that ‘Make in India’ can be successful if you can trade in the country, Ranka says, “Even nationally, people would prefer doing wholesale business in a modern, sleek commercial complex, in a neater, cleaner and safer environment.” Space in the market will range from 100 sq ft to 1,500 sq ft at price point of Rs 25 lakh to Rs 4 crore.

Incidentally, the group has signed an MoU with the Chamber of Commerce for Investment and Promotion of Trade, China, to facilitate sourcing. Trade hubs such as Sowcarpet, Purasawalkam and Choolai would benefit immensely with many of the 50,000-odd traders in these locations showing interest to invest Rs 20 lakh to Rs 2 crore for an affordable business proposition, Ranka asserts.